Alico, Inc. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Property and Equipment, Net

Property and Equipment, Net

3 Months Ended

Dec. 31, 2021

Property Plant And Equipment [Abstract]

Property and Equipment, Net

Note 4. Property and Equipment, Net

Property and equipment, net consists of the following at December 31, 2021 and September 30, 2021:

(in thousands)	December 31,			September 30,
	2021			2021
Citrus trees	$	323,431		$	320,245
Equipment and other facilities		57,881			57,584
Buildings and improvements		8,482			8,494
Total depreciable properties		389,794			386,323
Less: accumulated depreciation and depletion		(130,266	)		(127,046	)
Net depreciable properties		259,528			259,277
Land and land improvements		113,631			113,954
Property and equipment, net	$	373,159		$	373,231

For the three months ended December 31, 2021 and fiscal year ended September 30, 2021, the Company did not record any impairments.

In connection with the State of Florida’s condemnation of a certain portion of Alico’s property in October 2021, the Company received approximately $1,450,000, all of which was recognized as a gain.

On October 30, 2020, the Company purchased approximately 3,280 gross citrus acres located in Hendry County for a purchase price of approximately $18,230,000. This acquisition complements the Company’s existing citrus acres as these acres are located adjacent to existing groves in Hendry County. This purchase was part of a like-kind exchange transaction, which allowed the Company to defer taxes relating to the sale of certain sections of the West Ranch.